Modified Payments Clause Samples

The Modified Payments clause establishes the terms under which payment obligations between parties can be adjusted from their original schedule or amount. Typically, this clause allows for changes in payment dates, amounts, or methods in response to specific events such as regulatory changes, disruptions in payment systems, or other unforeseen circumstances. Its core practical function is to provide flexibility and ensure that payment obligations remain fair and feasible even when external factors impact the original terms, thereby reducing the risk of default or dispute.
Modified Payments. Use the first area available for the “Modified Gross” lease definition to list every expense the Lessee must pay for in addition to the defined rent amount (i.e. waste disposal) and the second area in this item to list every monthly expense the Lessor must maintain for the duration of this lease (i.e. water).
View SourceView Similar (7)
Modified Payments. 24 Calendar Months commencing on the first of the month following signed acceptance of the terms of this contract.
View Source
Modified Payments. Generally, this will be a Business Entity therefore make sure to identify this Party by its formal name. Download: Adobe PDF, MS Word, OpenDocument Month-to-Month Lease – For commercial tenants renting for 30-day periods. Retail Retail properties are ideal for most shopping centers, restaurants and small shops. The Lessor may be responsible for some of these improvements to the leased property or this cost can be covered by the Lessee. Office space or store is almost need of all businesses and companies to run their business affairs effectively and large number of companies like to take properties on rent or lease instead of buying because it lessen the cost for business. Download: Adobe PDF, MS Word, OpenDocument Booth (Massage) Rental Agreement – For a therapist that is seeking to rent a room or share space within a spa. This way the signatures are proven and the agreement is much more likely to hold up in court if its legality is ever questioned. The annual rent is calculated as a price per square foot ($/SF) of the usable space with 1/12th due each month. This rule is only grandfathered to properties that have not been built or had renovations since 1992. Popular Commercial Listing Websites Step 6 – Negotiating the Lease When dealing with a prospective tenant it is best to understand their needs and come to an agreement. The Entity that shall pay the Lessor for the right to occupy and conduct business on the commercial property is the Lessee. Option to Purchase – Use if the tenant would like the option to purchase the property for a specified price during the course of their lease. Here is the download button to download it.
View Source
Modified Payments. Office Office commercial properties include a large subset of buildings used for business operations. The full name of the Person or Entity that has the legal right to rent the commercial space is required by the wording of the first article. Step 4 – Hire an Agent or Market the Property Yourself Now you will need to get the property listed. Expenses (26) Gross Lease. (47) Printed Name Of Lessee (48) Lessor’s Signature. Report the maximum number of days the rent may go unpaid before a late fee is charged to the space available in the seventh article. Produce the number of years and/months this lease will be effective. There may need to be more special provisions made depending on the property type or business. This provision shall require additional information. This requires a physical measurement of the length of each wall and (if relevant) ceiling height. How to Use a Commercial Lease Agreement Commercial lease agreements are different from residential lease agreements. Security Deposit (15) Waiving The Security Deposit. Download: Adobe PDF, MS Word, OpenDocument Garage (Parking) Rental Agreement – Space that is to be used by parking a vehicle. Option To Renew (33) Lessee May Not Renew. Owners, operators, lessors, and lessees of commercial properties are all responsible for ADA compliance. This signature along with the Lessee’s signature date and printed name should be provided as a Notary Public observes. Step 7 – Conduct a Credit Check (Business + Individual) Unless you are dealing with an established company chances are that you will be dealing with an entrepreneur or small business. The amount of money the Lessor expects from the Lessee as a rent payment should be written out then numerically presented to the spaces in Article VI. Step 9 – Determine the Security Deposit Once the tenant has been approved by the landlord the Security Deposit should be made known to the tenant. Therefore, it is useful to see what other properties have rented for in your area. Once this contract is signed, this will be the premises the Lessee shall pay to occupy. A commercial lease is between a landlord and a tenant seeking to rent space for business purposes. How to Lease Commercial Property (11 steps) The process of renting commercial space depends on the type of property such as office, retail, or industrial. Additional Terms & Conditions (44)
View Source
Modified Payments. If the rent remains unpaid for the number of days recorded in Article VII’s statement, then a late fee may be collected. XXV Notices (42) Lessor Information. (2) Name Of Lessor. The two-digit calendar day when the Lessee must submit the monthly rent to the Lessor is needed to complete the statement made in the fifth article. XXIV.
View Source

Related to Modified Payments

  • Required Payments Unless otherwise provided in this Agreement, any payment of Tax required shall be due within 30 days of a Final Determination of the amount of such Tax.

  • Delayed Payments The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein, and if no such period is specified, within 30 (thirty) days of receiving a demand along with the necessary particulars. Unless otherwise specified in this Agreement, in the event of delay beyond such period, the defaulting Party shall pay interest for the period of delay calculated at a rate equal to 5% (five per cent) above the Bank Rate, and recovery thereof shall be without prejudice to the rights of the Parties under this Agreement including Termination thereof.

  • Deferred Payments “Deferred Payments” means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries), that in each case, when considered together, are considered deferred compensation under Section 409A.

  • Permitted Payments Until such time as all of the Senior Indebtedness has been Paid in Full, Borrower may pay to the Subordinated Creditors, and the Subordinated Creditors may accept from the Borrower (collectively, the “Permitted Payments”) only: (i) Any payments of interest with respect to the Subordinated Indebtedness that are paid “in kind,” whether capitalized and added to then outstanding principal amount of the Subordinated Indebtedness or accrued or accreted as unpaid interest so long as such payments “in kind” do not become obligations for payment of cash, securities or any other form of payment (other than in each case in the form of Subordinated Securities) until the earlier of (x) after all of the Senior Indebtedness has been Paid in Full or (y) the scheduled maturity date of the Subordinated Indebtedness (it being acknowledged and agreed by the Subordinated Creditors that such scheduled maturity date will be automatically extended (without any action by the Borrower or any Subordinated Creditor) by a number of days that the maturity date of the Senior Indebtedness is extended provided that such scheduled maturity date may not be extended by more than 180 days without the consent of each Subordinated Creditor); (ii) Payment of all or any portion of principal or interest on the Subordinated Indebtedness, so long as on the date of any proposed payment, (x) Quarterly Adjusted Continuing Business EBITDA for the two immediately preceding calendar quarters was greater than $5,000,000 for each such quarter, (y) Borrower is in compliance with all covenants and requirements set forth in the Senior Loan Agreement without giving effect to the amendments to the Senior Loan Agreement set forth in Section 4 of the First Amendment, and (z) no default or event of default exists under the Senior Loan Agreement or any other Loan Document, and no default would occur under the Senior Loan Agreement or any other Loan Document as a result of such payment; (iii) Payments of principal and accreted or accrued interest upon the occurrence of a Change in Control (as defined in the Subordinated Documents as in effect on the date hereof) and the declaration of an “Event of Default” under the Subordinated Documents in accordance with the terms thereof, but only to the extent that the Senior Creditor has consented in writing to such Change in Control or has waived (or agreed to forbear from exercising remedies in connection with) in writing any Event of Default under the Loan Documents that may have occurred as a result of such Change in Control; and (iv) Reimbursement of reasonable out-of-pocket costs and expenses (including without limitation, attorney fees) due and owing to any Subordinated Creditor; provided, in the case of clauses (iii) and (iv) only if such payments are payments made in accordance with the terms of the Subordinated Documents as in effect on the date hereof or as modified in accordance with the terms of this Agreement.

  • Returned Payments If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement.